MIAMI—It's not always about the brand new towers, sometimes investors are betting on boutique properties. Such is the case with the sale of the 815 Ponce Building.

815 Ponce is a mixed-use office building with ground floor retail located at 815 Ponce de Leon Boulevard in Coral Gables, FL. 815 Ponce Investments, LLC, an entity affiliated with law firm Trujillo Vargas Ortiz Gonzalez, LLP, purchased the 14,376-square-foot property from G.M.L., LLC for $2.5 million.

“The attractive boutique property received tremendous interest from both investors and users drawn to its prestigious Coral Gables location on Ponce,” says CBRE's Miguel Alcivar, who represented the seller. “Ultimately it sold to a Miami-based law firm who plans to occupy the third floor, continue operating the executive suite-style law center on the second floor and lease up the recently renovated ground-floor retail space.”  

Built in 1976 and renovated in 1996, the 815 Ponce Building is a three-story office building with ground floor retail featuring charming Mediterranean-style architecture, third-floor terraces overlooking Ponce de Leon Boulevard, and gated, covered parking. The property is about 50% occupied by an executive suite at the time of sale.

Along with Miguel Alcivar, CBRE's Scott O'Donnell and Dominic Montazemi, with CBRE's Private Capital Group, represented the seller. Jason Hochman, with CBRE's Debt and Structured Finance Group, along with Paco Diaz, Danny Diaz, and Patxi Diaz, all with CBRE's Retail Brokerage team in Miami, also worked on the transaction. Sperry Van Ness' Laura Kefalidis represented the buyer.